Norges Bank purchased a new stake in NewJersey Resources Corporation (NYSE:NJR – Free Report) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,302,576 shares of the utilities provider’s stock, valued at approximately $60,075,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Intech Investment Management LLC lifted its position in shares of NewJersey Resources by 28.1% during the 4th quarter. Intech Investment Management LLC now owns 60,714 shares of the utilities provider’s stock worth $2,800,000 after purchasing an additional 13,325 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of NewJersey Resources by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider’s stock worth $121,285,000 after purchasing an additional 10,448 shares during the last quarter. Kestra Investment Management LLC lifted its position in shares of NewJersey Resources by 5.2% during the 4th quarter. Kestra Investment Management LLC now owns 21,957 shares of the utilities provider’s stock worth $1,013,000 after purchasing an additional 1,077 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of NewJersey Resources by 4.1% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 132,947 shares of the utilities provider’s stock worth $6,132,000 after purchasing an additional 5,208 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its position in shares of NewJersey Resources by 3,460.8% during the 4th quarter. Global Retirement Partners LLC now owns 3,632 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 3,530 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.
NewJersey Resources Price Performance
Shares of NJR opened at $55.35 on Monday. NewJersey Resources Corporation has a 1-year low of $43.46 and a 1-year high of $58.57. The stock has a market cap of $5.59 billion, a PE ratio of 16.42 and a beta of 0.50. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.94 and a quick ratio of 0.80. The firm has a fifty day moving average price of $56.01 and a 200 day moving average price of $51.91.
NewJersey Resources Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Wednesday, June 10th will be given a $0.475 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.90 dividend on an annualized basis and a yield of 3.4%. NewJersey Resources’s payout ratio is 56.38%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 27th. Wells Fargo & Company assumed coverage on shares of NewJersey Resources in a research report on Tuesday, May 12th. They set an “overweight” rating and a $63.00 price objective for the company. Argus set a $63.00 price objective on shares of NewJersey Resources in a research report on Wednesday, May 20th. Finally, Mizuho lifted their price objective on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat.com, NewJersey Resources currently has an average rating of “Buy” and an average target price of $58.17.
View Our Latest Report on NewJersey Resources
Insider Transactions at NewJersey Resources
In related news, insider Christopher T. D’antuono sold 1,150 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $57.34, for a total value of $65,941.00. Following the completion of the sale, the insider directly owned 2,985 shares of the company’s stock, valued at $171,159.90. The trade was a 27.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Roberto Bel sold 6,105 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $55.10, for a total transaction of $336,385.50. Following the completion of the sale, the chief financial officer directly owned 19,780 shares of the company’s stock, valued at approximately $1,089,878. This trade represents a 23.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 23,704 shares of company stock valued at $1,307,389 over the last quarter. 0.70% of the stock is owned by corporate insiders.
NewJersey Resources Company Profile
New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm’s primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.
The company’s principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.
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